Launch of Nara Solar – a New European Solar Development Platform

11.3.2019 11:59:00 CET | Business Wire

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Nara Solar, a new European solar energy developer, announces its launch.
A 50:50 joint venture between Macquarie’s Green Investment Group (GIG)
[1] and Univergy International [2], Nara Solar will develop small to
utility scale, early-stage solar projects from its operational base in
Spain.

Nara Solar will initially develop Univergy International’s existing
European portfolio of over 35 projects, totalling more than 700MW.
Headquartered in Madrid, and operating from four offices in Spain, the
Spanish market will be a central focus for Nara Solar where it will look
to triple the capacity of its current Spanish portfolio over the next
year.

The European market offers significant opportunities for solar
development. Over 93GW of new solar energy capacity is anticipated to be
installed across Europe between 2018 -2022, with over 8GW in Spain,
representing an annual Spanish growth rate of 21%. Solar power is now
one of the cheapest forms of renewable energy across Europe and 2018 saw
the delivery of the first subsidy-free PPA backed solar projects
delivered in Spain [3].

Yago Acon, CEO of Nara Solar, said: ‘The European solar market is
gearing up a period of significant growth, particularly in Spain where
falling costs have stimulated a reawakening of the industry. It’s an
exciting time to be creating a new solar development platform that will
generate new investment opportunities and help stimulate the growth of
solar energy across Europe.’

Notes to Editors

[1]Green Investment Group Limited (GIG) is a specialist in green
infrastructure project development and principal investment. Its track
record, expertise and capability make it a global leader in green
investment, dedicated to supporting the growth of the global green
economy. As part of the Macquarie Group, it is one of the world’s
largest teams of specialist green investors.

[2] Univergy International is a renewable energy development company
specialising in the development, construction and operation of
photovoltaic solar energy projects. Based in Tokyo and Madrid, the group
is active in almost every continent through its global project portfolio
of over 2.6GW.